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Russia's effort to prevent the ruble from collapsing in December 2014
12/15/2014
Russia raises interest rates by 6.5% to 17% on December 15, 2014, as the price of Brent crude drops below $60. Emerging markets see money outflows in anticipation of the the U.S. Federal Reserve raising rates in 2015, adding to pressure on the ruble. Western sanctions imposed after Russian intervention in Ukraine has reduced access to financial markets for Russian businesses that borrowed in U.S. dollars and have large payments due in 2015. The large increase in interest rates pushes Russia into a recession in 2015.
Grouped Articles
Russia Moves to Help Lift Sinking Ruble
Wall Street Journal 12.16.2014
Oil Prices Plunge With Brent Crude Below $60
Wall Street Journal 12.16.2014
Ruble Strengthens After Central Bank Acts
Wall Street Journal 12.18.2014
Russia Introduces Measures to Calm Economic Jitters
New York Times 12.17.2014
New York Times 12.18.2014
Interest Rate Raised to 17% in Russia
New York Times 12.15.2014
Ruble’s Fall Tests Governor of Russia’s Central Bank
New York Times 02.09.2015
Russia, Brazil Mistakes Show How Inflation Can Still Arise
Wall Street Journal 05.03.2015
Changing Course, Russia Will Sell Rubles Instead of Buying
New York Times 05.14.2015
Overheard: Ruble in the Rubble
Wall Street Journal 08.25.2015
Russia and Turkey Show Oil Prices Aren’t Everything
Wall Street Journal 01.25.2016
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